Massachusetts Home Prices Continued to Push Higher in February as Closed Sales Retreated

by
Eric Berman | Mar 25, 2014

February marks the 17th straight month of year-over-year price increases

February 2014 Data
WALTHAM, Mass. – March 25, 2014 – The Massachusetts Association of REALTORS® (MAR) reported today that while home prices continued to increase in February, closed sales were down from the same time last year. Condominium sales and prices were both up in February.

“Even with the continued increase in home values, sellers are taking longer than normal to enter the market so far in 2014,” said 2014 MAR President Peter Ruffini, regional vice president at Jack Conway & Co., in Norwell. “The winter weather hasn’t deterred buyers, but the lack of homes for sale over the past several months resulted in a drop in closed sales in February.”

There were 2,084 detached single-family homes sold this February, which was down 5.9 percent from the 2,215 homes sold the same time last year. On a month-to-month basis, home sales were down 25 percent from 2,725 homes sold this past January. This is the seventh straight month-to-month decrease. A drop in single-family closed sales from January to February is typical.

The median selling price for single-family home in February was $294,950 which was up 7.3 percent from $275,000 in February 2013. This is the 17th straight monthly year-over-year increase. On a month-to-month basis, the February median selling price was down 7.8 percent from $320,000 in January.

There were 903 condominiums sold this past February, an increase of 1.0 percent from the 894 condos sold the same time last year. Year-over-year sales of condominiums have gone up 25 out of the last 26 months. On a month-to-month basis, condominium sales were down 17 percent from 1,058 condominiums sold this past January.

The median selling price for condominium in February was $283,000 which was up 9.1 percent from the $259,450 median price in February 2013. This is the ninth straight year-over-year increase. On a month-to-month basis, the February median selling price was down 5.7 percent from $300,500 in January.

Inventory and Days on Market:
The inventory of single-family homes as of February 28, 2014 decreased 18.9 percent from February 2013 (15,739 listings in 2014 from 19,402 listings in 2013) which translates into 3.7 months of supply in February 2014. This is down from 5.0 months of supply last year and down from 3.9 months in January. This was the 24th straight month of inventory decreases.

The number of new listings added to the market of single-family homes in February increased 4.3 percent over the same time last year (4,742 new listings in 2014 from 4,547 in 2013).

The inventory of condominiums on the market in February was down 27 percent compared to the year before (4,407 listings in 2014 from 6,047 listings in 2013), which translates into 2.5 months of supply, which is down from 3.9 months in February 2013 and down from 2.6 months in January.

The number of new listings added to the condominium market in February decreased 3.6 percent from February 2013 (1,861 new listings in 2014 from 1,930 listings in 2013).

Detached single-family homes stayed on the market an average of 122 days in February 2014 compared to an average of 141 days in February 2013. Condos stayed on the market an average of 96 days, down from an average of 122 days in February 2013. On a month-to-month basis, days on market for single-family homes was up from 110 days from January while condos were up from 92 days.

About the Massachusetts Association of REALTORS®:
Organized in 1924, the Massachusetts Association of REALTORS® is a professional trade organization with more than 19,000+ members. The term REALTOR® is registered as the exclusive designation of members of the National Association of REALTORS® who subscribe to a strict code of ethics and enjoy continuing education programs.

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Editors and reporters: Please note that the term Realtor is properly spelled with an initial capital “R”, per the Associated Press Stylebook.

About MAR

The Massachusetts Association of Realtors® is a professional trade association for licensed real estate practitioners and is affiliated with the state's 13 local Realtor® associations.